Up until 2014, the growth in central bank dollar reserves closely mapped to the increase in U.S. net external debt. The past few years have been different: for the first time in a long time, yield-starved private investors in Europe and Japan, not emerging market reserve managers, financed the United States' external deficit.

Explore More on CFR

The U.S.-Indonesia relationship has often disappointed. It’s time to rethink U.S.-Indonesia ties and try to achieve real security goals, rather than make bold plans for cooperation that never come to fruition.

European leaders are rushing to implement new laws to curb disinformation on social media. However, existing European data protection laws might actually make it harder for bad actors to spread fake news online.